Granting and forgiving loans in different years can create problems.
Time is running out for further relief efforts before the August recess.
The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.
The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.
The 2017 tax law eliminated the federal write-offs previously allowed for unreimbursed business expenses and home offices, along with most other miscellaneous itemized deductions.
The CARES Act included several provisions allowing companies to claim net operating losses for past tax years, temporarily reversing some of the limitations in the Tax Cuts and Jobs Act.
The act increased many of the limits from the Tax Cuts and Jobs Act, and the IRS has offered more guidance.
The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks
Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.
It is important to look at cost segregation and what it can do for a taxpayer.